Is Supply of Goods a Taxable Event Under GST Law ?
1. Supply of goods and services or both under GST Law is a Taxable Event.
2. We can say that,
- GST is levied on a supply of Goods or services.
- GST should be made for – consideration.
- GST should be made in the course or furtherance of business.
- GST should be made by the Taxable person.
- GST should be made within a taxable territory.
3. Supply also includes import of services (subject to certain exceptions) considered as a supply if done with consideration irrespective of the fact that whether or not it is made in course of or in the furtherance of business.
4. There are 3 schedules attached to supply:
- SCHEDULE I: Activities to be treated as supply even if made without consideration.
- SCHEDULE II: Activities to be treated as supply of goods or supply of services.
- SCHEDULE III: Activities or transactions which shall be treated neither as a supply of goods nor a supply of services.